Southeast Asia Information Port (www.dnyxxg.com) – A delegation from the Lao Ministry of Finance recently visited Hong Kong Special Administrative Region (HKSAR) for a series of meetings, engaging in in-depth exchanges with representatives from Hong Kong financial institutions and customs authorities. They reached broad consensus on core issues such as investment promotion, green finance, gold market development, and customs modernization, aiming to strengthen bilateral financial ties and promote Laos' alignment with international standards in relevant sectors. The delegation was led by Lao Finance Minister Santhiphra Phomvihane.
On March 9th, Minister Santhiphra Phomvihane led a delegation to meet with representatives from Invest Hong Kong. During the meeting, both sides shared experiences and practices in promoting domestic and foreign investment, implementing customs and tax policies, and regulating the fee obligations of investment companies of all sizes. They also conducted in-depth discussions on green finance policies, including carbon credits, green bonds, and other mechanisms supporting sustainable investment. Furthermore, participants explored pathways for aligning the Lao gold market with international standards, covering key aspects such as international gold trading policies, settlement procedures, and secure storage facilities.
Both sides agreed that InvestHK, as an important government agency, plays a crucial role in connecting domestic and international investors and implementing policies to enhance Hong Kong's economic efficiency. Hong Kong, as a leading international financial and investment center, serves as a vital gateway to global markets and wields significant influence in the international financial sector and the global gold market, providing crucial support for the development of related industries in Laos. This meeting is expected to promote expanded cooperation in Laos and attract investment in areas such as finance, the gold industry, green finance, green bonds, and the carbon credit market.
On the morning of March 10, Minister Santhipak Phomvihane and his delegation continued their trip, holding talks with representatives from the Bank of China (Hong Kong) and JPMorgan Chase. The talks focused on core issues such as financial transactions, gold trading, credit and bond services, and gold as collateral for bond issuance. Both sides also exchanged views on global economic trends affecting financial services and precious metals trading, further broadening their cooperation ideas.
On the evening of March 10, a Lao delegation led by Phokham Vannavongxay, Director General of the Lao Customs Department (including senior officials from the Tax Department, the Department of Finance and Information Technology, and the Investment Promotion and Management Committee Office), met with customs officials from the Hong Kong Special Administrative Region. Hong Kong Customs Commissioner Chan Chi-tat welcomed the Lao delegation and shared Hong Kong's mature experience in customs management and enforcement.
The two sides discussed issues such as cargo management in the Hong Kong Special Administrative Region, duty-free shop operations, and tax revenue from controlled imported goods. Hong Kong officials explained that the local government primarily collects tax revenue through taxes on fuel, chemicals, alcohol, and tobacco products. Furthermore, Hong Kong customs officials shared their experience with the "Smart Customs" program implemented in 2019, which integrates modern technology and innovative tools to effectively improve customs operational efficiency and border management.
During the meeting, the Hong Kong delegation extended an invitation to Lao customs and related agencies to participate in the upcoming Asia-Pacific and Africa Smart Customs Conference, which aims to promote the modernization of customs procedures, strengthen international customs exchanges and connections, and contribute to the modernization of Lao customs.
